As technology advances in all walks of life, it’s no surprise that technology is becoming more prevalent in the independent pharmacy.
Technology has started to play a bigger role in community pharmacy and the power of artificial intelligence (AI) is poised to transform the world of pharmacy as we know it.
During a presentation1 at the 2022 National Community Pharmacists Association Annual Convention, held October 1-4 in Kansas City, Missouri, Paige Clark, RPh, vice president of pharmacy programs and policy at Prescryptive Health, discussed of the benefits of integrating AI into pharmacy practices and shared the results of a national survey, conducted by Prescryptive Health, focused on the use of technology and AI in pharmacies.
“Here’s the promise of the technology: 62% of decision makers say artificial intelligence will positively disrupt the pharmacy landscape within 1-2 years,” Clark said. “Ninety-one percent of decision makers believe that technology can definitely improve the profitability of their pharmacies.
In terms of pricing, the AI is able to compare the prices of large drugstore chains with those of local competitors and identify granular pricing details. This information could help pharmacies establish the most competitive prices and position themselves in the most competitive place in the market.
Clark also shared a case study featuring Jeff Harrell, PharmD, co-owner of a multi-site pharmacy in the Pacific Northwest, to show how effective AI-assisted pricing can be. According to Harrell, a single week of using AI in his store resulted in a 16% increase in revenue and an additional 58% year-to-date increase for just 1 of his stores.
Due to the power and predictability of AI, many healthcare settings are beginning to invest in similar technologies. It is especially important for community pharmacies to embrace AI and other technological advancements to be able to compete with large pharmacy chains.
The national study also revealed that consumers are demanding technology, especially from their local pharmacies. Consumers want technology that will give them a seamless experience.
“It’s imperative that we really start moving forward with this, stepping into the future and feeling comfortable with this,” Clark said. “We all hope you really feel comfortable embracing this technology and learning more about it.”
Drug Topics’ coverage of the 2022 NCPA Annual Convention and Expo is sponsored by Prescryptive Health.
- Clark P. Quick Consult: Boldly Entering a New Era – Artificial Intelligence Leverages Phenomenal Technology to Gain Competitive Advantage, Maximize Profitability, and Build Customer Loyalty. Presented at: National Community Pharmacists Associations 2022 Annual Meeting; October 1-4, 2022; Kansas City, Mo.